The study investigated the relationship between asymmetric information and dividend policy in Nigeria. To carryout the research work, the researcher employed the unit root test using the augmented Dickey Fuller test, the Johanson cointegration test and then vector error correction model to ascertain the long-run relationship between the variables. Granger causality test was also used. The researcher found supportive evidence for the dividend signaling theory. Thus, there is a positive and significant relationship between dividend policy and asymmetric information. The Granger causality tests at lag 2 suggested that dividend policy has causal impact on information asymmetry without a reverse or feedback effect. That is dividend policy drives or granger causes information asymmetry.
This study; Nigerian Stock Exchange and Efficient Market Hypothesis was done using All Share Index (ASI) with daily data from January 02, 2014 to May 20, 2019 (1333 observations) and annual data from 1985 to 2018 (34 observations) collected from the Nigeria Stock Market fact books. The study employed three analytical methods namely the unit root test, GARCH Model and the Autocorrelation cum patial autocorrelation method for the assessment of weak form hypothesis on the daily and annual all share index in the Nigerian Stock market. The results of these evaluations indicated a significant relationship between the price series and their lagged values implying that stock price series do not follow a random walk process in Nigerian stock market. Thus, affirming that the Nigeria Stock Exchange is not efficient in weak form. In the light of this, the researchers recommend that the supervisory and regulatory authorities should strengthen the Nigerian Stock Market through palliating its regulations pertaining to transparency of information management rules such as market barriers and stringent listing requirement, publication of accounts, notices of annual general meeting and the like.
JEL Classification: C1, C4, E6, G1
The paper aimed at investigating the most critical sources of investment finance in Nigeria. To do this, factor analysis technique and the multiple regression analysis were used as alternate methods. The two techniques were used for the ascertainment of the authenticity or validity of the results. The empirical results from both methods revealed that savings and private sector credits are the most crucial sources of investment finance in Nigeria. In the light of this finding, the researcher recommends that government should set a conducive financial and political atmosphere that will be attractive enough to foreign investors if foreign direct investment and capital market activities should be made good predictors of investment finance in Nigeria.
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